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CBRE Closes 14-Building Charlotte Portfolio Sale

| Commercial Real Estate News, Deals, Industrial, Office| Views: 436

Earlier this month, CBRE successfully brokered the sale of a sizeable office/industrial portfolio spread across four Charlotte, N.C., sub-markets. The Charlotte Business Park Portfolio consists of four distinct office/flex and industrial distribution properties totaling 14 individual buildings developed by the Beacon Partners. According to the Charlotte Business Journal, Boston-based Albany Road Real Estate Partners paid over $60 million.

The bigger chunk of the Greater Charlotte commercial market portfolio was sold on behalf of Artemis Real Estate Partners and included 13 buildings:

  • Three buildings that make up the North Charlotte 77 Overlook warehouse/distribution park, totaling 216,977 square feet on a 16-acre lot. Beacon employed green building standards in its site development and designs and built the high-end warehouse park to accommodate mid- to-large-sized tenants. The property was marketed as being 100% leased.
  • The three buildings at LakeField Corporate Center in Mooresville, totaling 74,920 square feet of Class A office/flex space designed for either single- or multi-use tenants. CBRE marketed the property as fully leased, at the time.
  • SouthCross Corporate Center’s two buildings, amounting to 67,819 square feet of office/flex space in Rock Hill. Located close to an intersection of the I-77, Highway 21 and Highway 161, SouthCross is less than 10 miles from Charlotte, N.C., and less than 25 miles from Charlotte Douglas International Airport. The park has lodging, dining and retail amenities in the immediate vicinity.
  • Five of the six buildings that comprise the International Corporate Center in Concord – 126,796 square feet of office/flex space that features floor-to-ceiling storefront glass entryways and ample parking. Beacon developed the property as an ideal option for retail or showroom users. Located one mile off of the I-85, the Center is 20 minutes from uptown Charlotte and the Charlotte Douglas International Airport.

The 14th property was also part of the International Corporate Center, but was sold by Florida-based Coral Reef Development, also represented by CBRE.

Scott Cloud, managing director of Albany Road’s Nashville, Tenn., office, said that the company sees the sub-markets within this portfolio as high-growth. Cloud also said that the buyer plans to do some maintenance on the properties, but is not working on any major renovation efforts.

“The sale of Charlotte Industrial Park Portfolio and International Corporate Center highlights the strength and appeal of the Charlotte Industrial market,” said Patrick Gildea, Executive Vice President with CBRE. “Industrial has become the most favored asset class today because of the evolution of the supply chain. With e-commerce continuing to grow, retailers have to get product closer to the consumers,” Gildea added.
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